If your marginal tax rate is 25% and you can exempt $3,650 of your income for each member of your family (yourself,your spouse,and your one child),then the exemption means you will save _____ in taxes.

Question

Quizplus · Accepted Answer

The total exemption amount is $3,650 multiplied by 3 (for yourself, your spouse, and your child), which equals $10,950. With a marginal tax rate of 25%, the tax savings is 25% of $10,950, which is $2,737.50.

If Your Marginal Tax Rate Is 25% and You Can